This Practice Note discusses the treatment in bankruptcy of make-whole and no-call provisions, which are prepayment restrictions commonly found in bond indentures and loan agreements. Several important decisions addressing this issue are discussed, including Calpine I, Calpine II, Solutia, and Biloxi, and the detailed roadmap for analyzing these provisions in bankruptcy provided by the US Bankruptcy Court for the Southern District of New York in In re Chemtura.